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Japan’s Bonds Advance, Pushing 10-Year Rate to Record Low on BOJ

Japan’s government bonds rose, pushing the benchmark 10-year yield to a record low, after the Bank of Japan expanded monetary easing.

With BOJ Governor Haruhiko Kuroda presiding over his first meeting since taking the helm last month, the central bank board today streamlined its asset purchase programs, temporarily suspended a cap on some bond holdings and dropped a limit on debt maturities. The BOJ will buy 7 trillion yen ($74 billion) of bonds a month, it said in a statement.

“The decision is an all-in-one package, including all possible options,” said Takehito Yoshino, the chief fund manager at Mizuho Trust & Banking Co. “Funds are likely to flow into longer-dated debt rather than shorter maturities.”

The yield on the benchmark 10-year note dropped as much as 12 1/2 basis points to 0.425 percent, beating the previous record low of 0.43 percent set in June 2003, according to Japan Bond Trading Co., the nation’s largest interdealer debt broker. The price of the 0.6 percent security maturing in March 2023 advanced 1.199 yen to 101.670 at 3:41 p.m. in Tokyo from yesterday. Ten-year bond futures climbed as much as 0.61 to 146.05, the highest on record.

Thirty-year rates slid 29 1/2 basis points to 1.22 percent, the least since 2003. Twenty-year rates fell 27 basis points to 1.125 percent, also the least in a decade.

Five-year rates dropped 1/2 basis point to 0.13 percent, while two-year yields were unchanged at 0.06 percent.

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